Iconic Canadian coffee and doughnut chain Tim Hortons is expanding into South Korea.
The company said it has signed a master franchise agreement with BKR Co. Ltd. and will open new restaurant outlets in South Korea later this year.
Financial terms of the agreement were not disclosed.
BKR operates the Burger King restaurant chain. Both Burger King and Tim Hortons are owned by Toronto-based parent company Restaurant Brands International (QSR).
Tim Hortons currently has about 5,600 restaurants across 15 countries. This will be its first foray into South Korea.
In addition to Burger King and Tim Hortons, Restaurant Brands’ also owns Popeyes Louisiana Kitchen and Firehouse Subs.
Restaurant Brands’ stock is up 48% in the last 12 months at $98.24 per share.